Market Newsdesk

August 9, 2021 8:03 am

CCC Promotes John Goodson to Chief Technology Officer

CCC Promotes John Goodson to Chief Technology Officer

Experienced Digital Transformation Leader to Drive Innovation Across the P&C Insurance Economy

CHICAGO–(BUSINESS WIRE)–
CCC Intelligent Solutions Inc. (CCC), a leading SaaS platform for the P&C insurance economy, names John Goodson Senior Vice President and Chief Technology Officer. Goodson joined CCC in 2020 successfully driving innovation across the business, accelerating application of AI throughout solutions, and expanding industries served by the CCC Cloud platform which today serves 30,000 businesses. Goodson succeeds Pete Morowski who is retiring after eight years with the company.

As Chief Technology Officer, Goodson will lead research and development, product development, architecture, security, IT operations and infrastructure, business applications and data science. This will enable CCC to continue powering mission critical workflows, intelligent automation, and better experiences for clients and the millions of drivers they serve.

The announcement follows CCC’s return to the public markets listing on the New York Stock Exchange on Monday, August 2. The return to the public market will accelerate investments in innovation across the P&C insurance economy, including the recently announced plans to incorporate advanced AI into its CCC ONE® collision repair platform, as well as full digitization of the estimating process for a portion of repairable claims with the launch of CCC® Estimate – STP.

“John’s depth of experience will serve CCC well as we enter our next phase of growth driving new innovation and applied AI that powers our customer’s digital transformation and their ability to improve experiences for the millions of drivers they serve,” said CCC Chairman and CEO Githesh Ramamurthy. “CCC will continue to deliver industry leading solutions expanding on the reputation Pete Morowski and our technology team earned CCC as a leading AI, SaaS, telematics, IoT provider to the industry. We thank Pete and wish him well in his retirement.”

Goodson joined CCC following successful tenures at multi-billion-dollar technology companies. He has succeeded in advancing the company’s global transformation objectives using AI and data to improve customer experiences. Goodson, who owns numerous technology patents, helped establish several industry standards, such as Java Database Connectivity (JDBC) and Open Database Connectivity (ODBC). He is also a published author (“The Data Access Handbook”).

“I’m excited to expand my role at CCC to and expand the impact our technology can have on the industry and on the lives of drivers,” said Goodson. “The CCC Cloud connects trillions of points of data, massive and micro businesses, and the latest technology to power mission critical workflows, improving response times, experiences, and how providers interact on behalf of their shared customers. It is an exciting time to be at CCC and to support an extremely talented team of data scientists, engineers, and leaders as we work together to transform the industry.”

Learn more about CCC at www.cccis.com.

About CCC Intelligent Solutions Inc.

CCC Intelligent Solutions Inc. (NYSE: CCCS) is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.

CCC and the CCC logo are registered trademarks of CCC Intelligent Solutions Inc.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the acceleration of the deployment of AI, IoT, and mobile technology in the auto claim and repair process. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, challenges inherent in product research and development; competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations; and other risks and uncertainties, including those included under the header “Risk Factors” in the definitive proxy statement/prospectus filed by Dragoneer Growth Opportunities Corp. with the SEC on July 6, 2021, which can be obtained, without charge, at the SEC’s website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005145/en/

Michael Nothnagel

[email protected]

630.643.6963

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Aftermarket Automotive General Automotive Technology Insurance Software

MEDIA:

August 9, 2021 8:03 am

Motorcar Parts of America Reports Strong Fiscal 2022 First Quarter

Motorcar Parts of America Reports Strong Fiscal 2022 First Quarter

— Record First Quarter Sales to Start New Fiscal Year as Solid Demand For Aftermarket Parts Continues —

LOS ANGELES–(BUSINESS WIRE)–
Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2022 first quarter ended June 30, 2021 – reflecting record sales for a fiscal first quarter.

Net sales for the fiscal 2022 first quarter increased 56.3 percent to $149.0 million from $95.4 million a year ago, and 36.5 percent from the pre-COVID fiscal first quarter two years ago.

Net income for the fiscal 2022 first quarter was $861,000, or $0.04 per diluted share, compared with a net loss of $3.0 million, or $0.16 per share, a year ago. Details of items impacting net income are shown in Exhibit 1.

“Net sales and profitability for the fiscal first quarter benefitted, despite global supply chain-related disruptions, from continued strong demand for non-discretionary aftermarket parts — enhanced by the success of our multi-year strategic footprint expansion, including brake-related product line growth,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.

Joffe noted that the first quarter benefitted from the opening up of the economy and stimulus payments. He added that customers purchased products earlier than normal to accommodate the anticipated stronger demand. “The success of the brake caliper program, which is seasonally stronger in the fiscal first quarter, contributed to solid growth early in our fiscal year,” Joffe emphasized.

“In addition, our presence in the electric vehicle market continued to gain momentum driven by increasing demand for battery power emulation, testing and development of inverters, electric motors, and high-speed battery-charging station applications offered by our wholly owned D&V subsidiary,” Joffe added.

Gross profit and operating expenses for the fiscal first quarter were impacted by COVID-19 expenses related to safety, health initiatives, inefficiencies in the supply chain and incrementally higher freight costs of approximately $5.3 million on a pre-tax basis, or $0.20 per share on a tax-effected basis.

Net cash used in operating activities was $4.7 million for the fiscal 2022 first quarter and net debt was $97.6 million at June 30, 2021 compared with $88.9 million at March 31, 2021, reflecting working capital requirements to support the record first quarter sales and inventory increases for anticipated business growth in fiscal 2022.

Gross profit for the fiscal 2022 first quarter was $23.6 million compared with $13.4 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2022 first quarter was 15.8 percent compared with 14.0 percent a year earlier. Gross margin was primarily impacted by higher costs related to COVID-19; brake caliper start-up costs and other product relocation expenses related to the expansion in Mexico, both of which are now nearing completion; and other items, including non-cash and non-economic expenses totaling 7.0 percent, as detailed in Exhibit 2 of the press release. In addition to the above items, gross profit was further impacted by growth initiatives in connection with the expansion of our new product lines, and inflationary costs related to the global pandemic, especially disruptions with worldwide supply chain and logistics services.

“We are encouraged by the strong demand for automotive replacement parts, despite the global challenges related to the pandemic. Our product line expansion strategy continues to gain momentum and we remain focused on sales growth and opportunities to achieve further operating efficiencies, and enhanced profitability,” Joffe said.

Use of Non-GAAP Measure

This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a reconciliation of EBITDA to its corresponding GAAP measures, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding these measures.

Teleconference and Web Cast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations.

The call will be open to all interested investors either through a live audio Web broadcast at www.motorcarparts.com or live by calling (833)-968-1924 (domestic) or (825)-312-2355 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on August 9, 2021 through 8:59 p.m. Pacific time on August 16, 2021 by calling (800)-585-8367 (domestic) or (416)-621-4642 (international) and using access code: 4699341.

About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts — including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2021 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)

	Three Months Ended
	June 30,
	2021			2020

Net sales	$	149,034,000		$	95,356,000
Cost of goods sold		125,463,000			81,969,000
Gross profit		23,571,000			13,387,000
Operating expenses:
General and administrative		12,486,000			11,687,000
Sales and marketing		5,368,000			4,200,000
Research and development		2,501,000			1,942,000
Foreign exchange impact of lease liabilities and forward contracts		(2,533,000	)		(4,817,000	)
Total operating expenses		17,822,000			13,012,000
Operating income		5,749,000			375,000
Interest expense, net		3,941,000			4,409,000
Income (loss) before income tax expense (benefit)		1,808,000			(4,034,000	)
Income tax expense (benefit)		947,000			(1,022,000	)
Net income (loss)	$	861,000		$	(3,012,000	)
Basic net income (loss) per share	$	0.05		$	(0.16	)
Diluted net income (loss) per share	$	0.04		$	(0.16	)
Weighted average number of shares outstanding:
Basic		19,054,481			18,976,178
Diluted		19,659,057			18,976,178

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

	June 30, 2021			March 31, 2021
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	24,883,000		$	15,523,000
Short-term investments		1,823,000			1,652,000
Accounts receivable — net		54,019,000			63,122,000
Inventory		320,685,000			302,913,000
Contract assets		26,264,000			26,940,000
Prepaid expenses and other current assets		13,307,000			12,706,000
Total current assets		440,981,000			422,856,000
Plant and equipment — net		53,287,000			53,854,000
Operating lease assets		87,924,000			71,513,000
Long-term deferred income taxes		19,150,000			19,381,000
Long-term contract assets		293,158,000			270,213,000
Goodwill and intangible assets — net		8,194,000			8,534,000
Other assets		1,246,000			1,531,000
TOTAL ASSETS	$	903,940,000		$	847,882,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	141,451,000		$	152,735,000
Customer finished goods returns accrual		35,261,000			31,524,000
Contract liabilities		40,988,000			41,072,000
Revolving loan		103,000,000			84,000,000
Other current liabilities		5,774,000			6,683,000
Operating lease liabilities		5,434,000			6,439,000
Current portion of term loan		3,670,000			3,678,000
Total current liabilities		335,578,000			326,131,000
Term loan, less current portion		15,804,000			16,786,000
Long-term contract liabilities		153,504,000			125,223,000
Long-term deferred income taxes		76,000			73,000
Long-term operating lease liabilities		85,889,000			70,551,000
Other liabilities		7,862,000			7,973,000
Total liabilities		598,713,000			546,737,000
Commitments and contingencies
Shareholders’ equity:
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued		–			–
Series A junior participating preferred stock; par value $.01 per share,
20,000 shares authorized; none issued		–			–
Common stock; par value $.01 per share, 50,000,000 shares authorized;
19,101,092 and 19,045,386 shares issued and outstanding at June 30, 2021 and
March 31, 2021, respectively		191,000			190,000
Additional paid-in capital		224,445,000			223,058,000
Retained earnings		86,454,000			85,593,000
Accumulated other comprehensive loss		(5,863,000	)		(7,696,000	)
Total shareholders’ equity		305,227,000			301,145,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	903,940,000		$	847,882,000

Additional Information and Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the company has included the following additional information and non-GAAP financial measures for the three months ended June 30, 2021 and 2020. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business.

The company believes this information helps provide a more complete understanding of the company’s results of operations and the factors and trends affecting the company’s business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.

The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items.

Items Impacting Net Income (Loss) for the Three Months Ended June 30, 2021 and 2020										Exhibit 1

	Three Months Ended June 30,
	2021						2020
	$			Per Share			$			Per Share
GAAP net income (loss)	$	861,000		$	0.04		$	(3,012,000	)	$	(0.16	)

Items impacting net income (loss)
Customer allowances and return accruals related to new business, net of costs	$	146,000		$	0.01		$	307,000		$	0.02
Core premium amortization impacting net sales		2,531,000			0.13			1,223,000			0.06
New product line start-up costs and transition expenses (a)		2,183,000			0.11			3,586,000			0.19
Revaluation – cores on customers’ shelves		984,000			0.05			1,384,000			0.07
Increased expenses related to COVID-19 (b)		5,297,000			0.27			2,295,000			0.12
Earn-out accruals and severance		(33,000	)		(0.00	)		(7,000	)		(0.00	)
Share-based compensation expenses		1,576,000			0.08			1,043,000			0.05
Foreign exchange impact of lease liabilities and forward contracts		(2,533,000	)		(0.13	)		(4,817,000	)		(0.25	)
Tax effect (c)		(2,538,000	)		(0.13	)		(1,254,000	)		(0.07	)
Total items impacting net income (loss)	$	7,613,000		$	0.39		$	3,760,000		$	0.20

(a)		For the three-months ended June 30, 2021, consists of $1,947,000 included in cost of goods sold and $236,000 included in operating expenses. For the three-months ended June 30, 2020, consists of $3,301,000 included in cost of goods sold and $285,000 included in operating expenses.
(b)		For the three-months ended June 30, 2021, consists of higher expenses due to COVID-19 of $4,761,000 impacting gross profit (primarily related to increased freight costs of $2,990,000) and $536,000 included in operating expenses. For the three-months ended June 30, 2020, consists of higher expenses due to COVID-19 of $1,840,000 impacting gross profit and $455,000 included in operating expenses.
(c)		Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period’s actual income tax rate.

Items Impacting Gross Profit for the Three Months Ended June 30, 2021 and 2020							Exhibit 2

	Three Months Ended June 30,
	2021				2020
	$		Gross Margin		$		Gross Margin
GAAP gross profit	$	23,571,000	15.8	%	$	13,387,000	14.0	%

Items impacting gross profit
Customer allowances and return accruals related to new business, net of costs	$	146,000	0.1	%	$	307,000	0.3	%
Core premium amortization impacting net sales		2,531,000	1.7	%		1,223,000	1.3	%
New product line start-up costs and transition expenses		1,947,000	1.3	%		3,301,000	3.5	%
Revaluation – cores on customers’ shelves		984,000	0.7	%		1,384,000	1.5	%
Increased expenses related to COVID-19		4,761,000	3.2	%		1,840,000	1.9	%
Total items impacting gross profit	$	10,369,000	7.0	%	$	8,055,000	8.4	%

Items Impacting EBITDA for the Three Months Ended June 30, 2021 and 2020					Exhibit 3

	Three Months Ended June 30,
		2021			2020
GAAP net income (loss)	$	861,000		$	(3,012,000	)
Interest expense, net		3,941,000			4,409,000
Income tax expense (benefit)		947,000			(1,022,000	)
Depreciation and amortization		3,145,000			2,551,000
EBITDA	$	8,894,000		$	2,926,000

Items impacting EBITDA
Customer allowances and return accruals related to new business, net of costs	$	146,000		$	307,000
Core premium amortization impacting net sales		2,531,000			1,223,000
New product line start-up costs and transition expenses (a)		2,016,000			3,496,000
Revaluation – cores on customers’ shelves		984,000			1,384,000
Increased expenses related to COVID-19		5,297,000			2,295,000
Earn-out accruals and severance		(33,000	)		(7,000	)
Share-based compensation expenses		1,576,000			1,043,000
Foreign exchange impact of lease liabilities and forward contracts		(2,533,000	)		(4,817,000	)
Total items impacting EBITDA	$	9,984,000		$	4,924,000

(a)

Excludes depreciation, which is included in the depreciation and amortization line item.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005137/en/

Gary S. Maier

(310) 972-5124

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Aftermarket Automotive General Automotive Other Automotive Performance & Special Interest Motorcycles

MEDIA:

August 9, 2021 8:03 am

Bank of Marin Bancorp Announces Completion of Acquisition of American River Bankshares

Bank of Marin Bancorp Announces Completion of Acquisition of American River Bankshares

NOVATO, Calif.–(BUSINESS WIRE)–
Bank of Marin Bancorp, “BMRC” (Nasdaq: BMRC), parent company of Bank of Marin, “the Bank,” today announced the completion of its acquisition of American River Bankshares, “AMRB” (Nasdaq: AMRB), parent company of American River Bank, effective August 6, 2021. BMRC and AMRB held special meetings of shareholders on July 28, 2021 and each company’s shareholders have approved the acquisition.

Under terms of the agreement, each share of AMRB common stock was converted into the right to receive 0.575 shares of BMRC common stock. The value of the total deal consideration was approximately $125 million, which includes the value of AMRB options being paid in cash by BMRC.

Also under the agreement, two new directors have been added to the Boards of Directors of BMRC and the Bank, effective immediately. The two new directors are Charles D. Fite, President, Fite Development Co. and Nicolas Anderson, Chief Executive Officer of Capitol Digital & Califorensics. With these additions, the BMRC and Bank Boards are now comprised of 14 directors.

“We are pleased to complete our acquisition of American River Bank and welcome their customers, employees and shareholders to Bank of Marin,” said Russell A. Colombo, Chief Executive Officer. “Our two organizations share a commitment to exceptional customer service and dedication to our local communities that can now be amplified on a regional scale. As a nearly $4 billion bank, we have greater opportunity to grow assets, acquire talent, expand our footprint, and build infrastructure across a diversified geography.”

With the addition of American River Bank, on a pro forma combined basis, Bank of Marin Bancorp would have total assets of approximately $4.0 billion, total loans outstanding of $2.2 billion (excl. SBA Paycheck Protection Program loans) and total deposits of $3.5 billion as of June 30, 2021 (unaudited and excluding purchase accounting adjustments).

Bank of Marin Bancorp received financial advisory services and a fairness opinion from Keefe, Bruyette & Woods, A Stifel Company, and Stuart Moore Staub served as legal counsel. American River Bankshares received financial advisory services and a fairness opinion from Piper Sandler & Co., and Manatt, Phelps & Phillips LLP served as legal counsel.

About Bank of Marin Bancorp

Founded in 1990 and headquartered in Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank in Northern California, with assets of nearly $4.0 billion, Bank of Marin has 31 branches and 8 commercial banking offices located across 10 counties. Bank of Marin provides commercial banking, personal banking, specialty lending and wealth management and trust services. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the “Top Corporate Philanthropists” by the San Francisco Business Times and one of the “Best Places to Work” by the North Bay Business Journal. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to www.bankofmarin.com.

Forward-Looking Statements

Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the acquisition, including future financial and operating results, cost savings and enhanced revenues that may be realized from the acquisition as well as other statements of expectations regarding the acquisition and any other statements regarding future results or expectations. Such forward-looking statements may contain words related to future projections including, but not limited to, words such as “believe,” “expect,” “anticipate,” “intend,” “may,” “will,” “should,” “could,” “would,” and variations of those words and similar words that are subject to risks, uncertainties and other factors that could cause actual results to differ significantly from those projected. Each of BMRC and AMRB intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The companies’ respective abilities to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material effect on the operations and future prospects of each of BMRC and AMRB and the resulting company, include but are not limited to: (1) the businesses of BMRC and/or AMRB may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the acquisition may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) customer and employee relationships and business operations may be disrupted by the acquisition; (5) the ability to obtain required regulatory and shareholder approvals, and the ability to complete the acquisition on the expected timeframe may be more difficult, time-consuming or costly than expected; (6) changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the companies’ respective market areas; their implementation of new technologies; their ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines, and (7) other risk factors detailed from time to time in filings made by BMRC or AMRB with the SEC. BMRC and AMRB undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005124/en/

Beth Drummey

Marketing & Corporate Communications Manager

Bank of Marin

415-763-4529 | [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

August 9, 2021 8:03 am

Day & Ross Again Selects PowerFleet Telematics for Total U.S. Trailer Visibility

The PowerFleet LV-500 will Provide Enhanced Visibility and Cost-effective Operations

WOODCLIFF LAKE, N.J., Aug. 09, 2021 (GLOBE NEWSWIRE) — PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, will be expanding the deployment of its LV-500 solar-powered trailer tracking solution to transportation company, Day & Ross’ U.S fleet operations. With a focus on performance and reliability, Day & Ross will be implementing the solution across a fleet of 3,000 trailers to achieve better asset visibility and increased utilization.

After the successful rollout of PowerFleet’s trailer tracking solution to Day & Ross’ Canadian fleet, the company has decided to expand the solution to its U.S. operations. Day & Ross has become a pivotal player in transportation and logistics in North America with its operational footprint expanding even further after the acquisition of A&S Kinard and Buckler Transport in 2019.

“After the positive feedback we received from mechanics, dispatchers, and management from our Canadian team, we determined that PowerFleet’s LV-500 solution was the right trailer tracking solution for our U.S. fleet,” said David Carr, President, Dedicated, North America, Day & Ross. “PowerFleet’s trailer tracking solution provides reliable visibility into exactly how and where our equipment is being utilized so that we can gain greater fleet efficiencies. The total cost of ownership was another major consideration and with PowerFleet’s LV-500 supercapacitors and 4G LTE connectivity, we are assured long service life of the devices.”

The patent-pending PowerFleet LV-500 is the industry’s first multi-powered asset tracking solution, leveraging solar panels, supercapacitors and long-lasting primary batteries for unmatched service life and critical event visibility. It delivers frequent reporting on the status and location of trailers through PowerFleet’s cloud-based application. A self-contained device that requires no connection to external power, the LV-500 can be installed in 10 minutes or less and provides maintenance-free performance.

“We are honored that Day & Ross has expanded its use of our state-of-the-art telemetry platform to their U.S. fleet based on the value and performance of our products and the best-in-class support provided by our team,” explains PowerFleet’s GM of Supply Chain Solutions, Mark Stanton. “Our integrated logistics solutions enable Day & Ross to better analyze trailer dormancy and lower costs associated with underutilized assets. The solution also improves on-time and efficient deliveries so Day & Ross can continue delivering exceptional customer service.”

About PowerFleet

PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets. The company is headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. PowerFleet’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. Our offerings are sold under the global brands PowerFleet, Pointer, and Cellocator. For more information, please visit www.powerfleet.com, the content of which does not form a part of this press release.

About Day & Ross

With over 8,000 employees, drivers, and owner operators in Canada and the US, Day & Ross offers a diversified portfolio of freight and delivery solutions to top brands across North America. The company got its start by hauling potatoes out of New Brunswick in 1950 and became a wholly owned subsidiary of McCain Foods in 1966. Today, their key services include LTL/TL and cross-border transportation, logistics, dedicated fleets, and residential delivery.

For over a decade, Day & Ross has been recognized consistently as one of Canada’s Best Managed Companies and has been named a Top Company for Women to Work for in Transportation since 2018. Their commitment to safety and sustainability is rooted in their family values and their care for their employees and the communities where they work and live. For more information, visit www.dayross.com.

PowerFleet Company Contact

Ned Mavrommatis, CFO
[email protected]
(201) 996-9000

PowerFleet Investor Contact
Matt Glover
Gateway Investor Relations
[email protected]
(949) 574-3860

PowerFleet Media Contact

Sasha Dookhoo
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which may include information concerning our beliefs, plans, objectives, goals, expectations, strategies, anticipations, assumptions, estimates, intentions, future events, future revenues or performance, capital expenditures and other information that is not historical information. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties are detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2020. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date they are made and are expressly qualified in their entirety by the cautionary statements included in this press release. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the date they were made or to reflect the occurrence of unanticipated events, or otherwise.

August 9, 2021 8:03 am

MLB’s Texas Rangers Standardize on Aruba at Globe Life Field to Deliver Premier, Immersive Fan and Event Experiences

MLB’s Texas Rangers Standardize on Aruba at Globe Life Field to Deliver Premier, Immersive Fan and Event Experiences

New 1.8 Million-Square-Foot Ballpark Relies Upon an Aruba ESP-based Network to Power Giant HD Videoboards, a Mixed-Reality Baseball App and Other Amenities

SAN JOSE, Calif.–(BUSINESS WIRE)–
Aruba, a Hewlett Packard Enterprise company (NYSE: HPE), today announced that the Texas Rangers Baseball Club, the Arlington-based Major League Baseball (MLB) franchise, has deployed an end-to-end Aruba ESP-based network at its new 40,518-seat Globe Life Field stadium to power everything from a 5.5-acre retractable roof to an immersive baseball app that enables delivering modern, digitally enhanced game day and special event experiences.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210809005103/en/

MLB’s Texas Rangers’ new 1.8 million-square-foot ballpark relies upon an Aruba ESP-based network to power giant HD videoboards, a mixed-reality baseball app and other amenities. (Photo: Business Wire)

To create its next-generation venue, the Rangers deployed a combination of Aruba’s wired, wireless and security solutions that support the ballpark’s technology infused amenities. Visitor-facing connectivity includes features like mobile ticketing for speedier contactless entry as well as two massive Daktronics videoboards, which display live and replay images plus granular real-time game-play statistics such as spin rate and exit velocity.

At an operational level, connectivity ranges from sensors that track paper towel dispenser levels to advanced building automation systems to keep the ballpark at a comfortable 72 F. The Club also maintains over 200 business, facilities management and IT applications, from common cloud-enabled tools like Box, Slack and Monday to highly specialized systems such as the retractable roof controls – all of which enable the Rangers to run its lean organization efficiently and effectively.

“Our network serves as the nervous system for a large public venue that is chock full of electronic sensors and controls,” explained Michael Bullock, vice president of Information Technology for the Rangers. “Aruba’s solutions have enabled us to engineer the equivalent of a living, breathing facility, while minimizing IT and back office overhead by giving us intelligent, automated networking infrastructure.”

In collaboration with trusted technology partners Lumen and KLA Labs, the Rangers selected and deployed a future-ready wireless network comprised of Aruba Wi-Fi 6 indoor access points (APs), outdoor APs, and mobility controllers. For wired networking, the Rangers implemented Aruba’s access switches at the edge and CX Series switches for aggregation and in the data center.

With the venue’s high-performance Wi-Fi, fans can enjoy new ways to share baseball experiences such as with the MLB’s mixed-reality app that adds a vicarious layer of augmented-reality lenses built on Snap Inc. technology. “Fans are excited about the new app features and we anticipate more immersive and personalized technologies to come,” said Bullock. “That’s why we’ve deployed a Wi-Fi network suitable for meeting future demands.”

Additionally, the Rangers are using ClearPass for network access control (NAC) and policy management. They have also implemented NetEdit for coordinating switch configuration, monitoring and troubleshooting as well as User Experience Insight (UXI) for Wi-Fi incident detection using AIOps to pinpoint issues that require immediate attention.

“Using Aruba’s intuitive automation tools helped us keep Globe Life Field’s opening day timeline on track,” Bullock said. “For example, we were able to reduce configuration of over 14,000 switch ports from months to weeks, which equates to considerable savings on integration costs.”

“Overall, by automating networking tasks, Aruba enables us to administer about six times the number of switch ports and double the number of APs with the same IT headcount, which is a significant ongoing return,” he added. “The only viable competing product would’ve required us to hire considerably more networking professionals.”

As completing Globe Life Field during the height of the COVID-19 pandemic brought unique hurdles, the Rangers also appreciate the technical support Aruba supplied. “It was a tough project in many aspects,” said Bullock. “We attribute our success, in spite of challenges, to our technology partners like Aruba and can proudly say we’d select the same cohort if we had to do it all over again.”

Looking ahead, the Rangers expect to continue evaluating Aruba’s networking innovations such as Location Services to support real-time crowd intelligence and Air Pass for seamless device handoffs between cellular networks and Wi-Fi. “We’ll definitely consider solutions that provide us with more automation and visibility that give us the ability to meet requirements for fan experiences that haven’t even been thought of yet,” Bullock said.

Additional Resources

Blog: Take Me Out to the Ball Game: Texas Rangers’ New Immersive Fan Experience

About Aruba, a Hewlett Packard Enterprise company

Aruba, a Hewlett Packard Enterprise company, is the global leader in secure, intelligent edge-to-cloud networking solutions that use AI to automate the network, while harnessing data to drive powerful business outcomes. With Aruba ESP (Edge Services Platform) and as-a-service options, Aruba takes a cloud-native approach to helping customers meet their connectivity, security, and financial requirements across campus, branch, data center, and remote worker environments, covering all aspects of wired, wireless LAN, and wide area networking (WAN).

To learn more, visit Aruba at www.arubanetworks.com. For real-time news updates, follow Aruba on Twitter and Facebook, and for the latest technical discussions on mobility and Aruba products, visit the Airheads Community at community.arubanetworks.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005103/en/

Kathleen Keith

Aruba, a Hewlett Packard Enterprise company

+1-707-529-4507

[email protected]

Jennifer Miu

Aruba, a Hewlett Packard Enterprise company

+1 650-236-9532

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Baseball Software Sports Networks Hardware Technology Other Sports Mobile/Wireless

MEDIA:

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August 9, 2021 8:03 am

Avadel Pharmaceuticals Provides Corporate Update and Reports Second Quarter 2021 Financial Results

Commercial and launch preparations on track to support potential U.S. FDA approval of FT218 for the treatment of excessive daytime sleepiness and cataplexy in adults suffering from narcolepsy
Presentation of post hoc analyses from pivotal REST-ON clinical trial at SLEEP 2021 further support positive primary and secondary endpoint data for all evaluated doses of FT218, beginning as early as week three of treatment
Expansion of leadership team with addition of established biopharma industry leaders
Management to host a conference call today at 8:30 a.m. ET

DUBLIN, Ireland, Aug. 09, 2021 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on developing FT218, an investigational, once-nightly formulation of sodium oxybate for treating excessive daytime sleepiness (EDS) and cataplexy in adults with narcolepsy, today provided a corporate update and announced its financial results for the second quarter ended June 30, 2021.

“This quarter, we made significant progress advancing FT218, which we believe holds tremendous potential to transform the treatment landscape for patients as a once-at-bedtime option for managing EDS and cataplexy in adult patients with narcolepsy. The data presented at SLEEP 2021 demonstrates the additional benefit of consolidating sleep, which we believe holds great promise as many people with narcolepsy also suffer from fragmented sleep,” said Greg Divis, Chief Executive Officer of Avadel. “As we enter the final stages of NDA review and approach our October PDUFA date, we remain confident in the strength of our regulatory filing strategy. In parallel, our commercial and launch preparations are on track, including the addition of key hires to our leadership team, and we look forward to providing more detail on our commercial strategy following potential approval of FT218.”

Second Quarter and Recent Company Highlights

Progressed preparations and launch readiness activities for the potential commercialization of FT218 as the first and only once-at-bedtime option for managing EDS and cataplexy in narcolepsy
- New Drug Application (NDA) for FT218 was accepted for filing by the U.S. Food and Drug Administration (FDA) in February 2021, and was assigned a Prescription Drug User Fee Act (PDUFA) target action date of October 15, 2021
- Conducting scientific and medical community engagement and education, as well as payor clinical presentations
Presented new clinical post-hoc analyses from the pivotal Phase 3 REST-ON clinical study at SLEEP 2021 further supporting clinical benefit of all evaluated doses of FT218, beginning as early as week three of treatment
- Data demonstrated improvement in EDS for both narcolepsy subtypes with and without stimulant use as well as decreases in weight and body mass index
Expanded leadership team with addition of established biopharma industry leaders to support anticipated regulatory approval and commercialization of FT218
- Appointed Jeff Cruikshank as Vice President, Sales; Denise Strauss as Vice President, Marketing and New Product Strategy; and Angela Woods as Vice President, People and Culture
Progressed the RESTORE open-label extension/switch study of FT218 designed to generate long-term safety, tolerability, and efficacy data, as well as data on switching from twice-nightly oxybates and patient preference

Avadel plans to present data from RESTORE study on patient preference to once-nightly or twice-nightly dosing regimens, as well as nocturnal experiences when using twice-nightly sodium, at future medical congresses.

Overview of Second Quarter Results

As a result of the sale of the sterile injectable products to Exela Sterile Medicines LLC on June 30, 2020, the Company did not report any revenue for the quarter ended June 30, 2021, compared to $10.1 million for the same period in 2020.

R&D expenses were $6.8 million in the quarter ended June 30, 2021, compared to $4.1 million for the same period in 2020. The increase on a year-over-year basis was primarily attributed to increased costs associated with pre-NDA approval activities, primarily the purchase of raw materials, in preparation for product launch, if FT218 is approved.

SG&A expenses were $15.2 million in the quarter ended June 30, 2021, compared to $7.1 million for the same period in 2020. The year-over-year increase is the result of a number of factors including commercial launch planning costs related to FT218 and higher compensation costs associated with higher headcount, primarily in the areas of commercial and medical affairs.

Income tax benefit was $3.8 million in the quarter ended June 30, 2021, compared to income tax expense of $5.3 million for the same period in 2020. The income tax expense recorded in 2020 was the result of taxes recorded on the gain from the sale of the hospital products.

Net loss for the quarter ended June 30, 2021 was $19.6 million, or ($0.33) per diluted share, compared to net income of $30.9 million, or $0.49 per diluted share, for the same period in 2020. The Company reported net income and diluted income per share for the quarter ending June 30, 2020, resulting from the $45.8 million pre-tax gain from sale of the sterile injectable products.

Cash, cash equivalents and marketable securities were $202.8 million as of June 30, 2021. The Company has convertible debt of $143.8 million due in February 2023.

Conference Call

A conference call to discuss these results is scheduled for Monday, August 9, 2021 at 8:30 a.m. ET. To access the conference call, investors are invited to dial (844) 388-0559 (U.S. and Canada) or (216) 562-0393 (International). The conference ID number is 4560878. A live audio webcast can be accessed by visiting the investor relations section of the Company’s website, www.avadel.com. A replay of the webcast will be archived on Avadel’s website for 90 days following the event.

About FT218

FT218 is an investigational, once-nightly formulation of sodium oxybate. In March of 2020, the Company completed the REST-ON study, a pivotal, double-blind, randomized, placebo-controlled Phase 3 trial, to assess the efficacy and safety of FT218 in the treatment of excessive daytime sleepiness and cataplexy in patients suffering from narcolepsy. In December 2020, the Company submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for FT218 to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy. The NDA for FT218 was accepted by the FDA in February 2021 and assigned a Prescription Drug User Fee Act (PDUFA) target action date of October 15, 2021. FT218 has been granted Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for the treatment of narcolepsy. The designation was granted on the plausible hypothesis that FT218 may be clinically superior to the twice-nightly formulation of sodium oxybate already approved by the FDA for the same indication. In particular, FT218 may be safer due to ramifications associated with the dosing regimen of the previously approved product.

About Avadel Pharmaceuticals plc

Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company primarily focused on the development and FDA approval of FT218, an investigational, once-nightly, extended-release formulation of sodium oxybate designed to treat excessive daytime sleepiness and cataplexy in adults with narcolepsy. For more information, please visit www.avadel.com.

Cautionary Disclosure Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements relate to our future expectations, beliefs, plans, strategies, objectives, results, conditions, financial performance, prospects, or other events. Such forward-looking statements include, but are not limited to, the FDA’s review of the NDA for FT218, the sufficiency of data supporting the NDA for FT218, the publication of additional clinical trial data for FT218, the commercial launch of FT218 (if approved), the market acceptance of FT218 (if approved), and the advancement and expected timing of the RESTORE study to generate long-term safety, tolerability, and efficacy data for FT218. In some cases, forward-looking statements can be identified by the use of words such as “will,” “may,” “could,” “believe,” “expect,” “look forward,” “on track,” “guidance,” “anticipate,” “estimate,” “project,” “next steps” and similar expressions, and the negatives thereof (if applicable).

The Company’s forward-looking statements are based on estimates and assumptions that are made within the bounds of our knowledge of our business and operations and that we consider reasonable. However, the Company’s business and operations are subject to significant risks, and, as a result, there can be no assurance that actual results and the results of the company’s business and operations will not differ materially from the results contemplated in such forward-looking statements. Factors that could cause actual results to differ from expectations in the Company’s forward-looking statements include the risk that: positive results from the REST-ON trial may not necessarily be predictive of the results of future or ongoing clinical studies; the NDA for FT218 is not approved by the FDA or such approval is delayed; the risk that commercial launch of FT218 (if approved) is delayed or never occurs; the risk that the potential market acceptance of FT218 (if approved) may differ materially from projections; the risk that FT218 may be found to infringe one or more patents of third parties; the risk that the RESTORE study may be delayed or may not be completed at all; and the risk that the impact of the current COVID-19 pandemic on the Company’s financial results and results of operations could be greater than we anticipate and the risks and uncertainties described in the “Risk Factors” section of Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (SEC) on March 9, 2021 and subsequent SEC filings.

Forward-looking statements speak only as of the date they are made and are not guarantees of future performance. Accordingly, you should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to publicly update or revise our forward-looking statements, except as required by law.

Investor Contact:

Courtney Turiano
Stern Investor Relations, Inc.
[email protected]
(212) 698-8687

Media Contact:

Nicole Raisch Goelz
Real Chemistry
[email protected]
(408) 568-4292

AVADEL PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020

Product sales	$	—		$	10,091		$	—		$	22,334
Operating expenses:
Cost of products	—			3,285			—			5,742
Research and development expenses	6,762			4,057			10,614			9,587
Selling, general and administrative expenses	15,174			7,095			26,186			15,008
Intangible asset amortization	—			203			—			406
Changes in fair value of contingent consideration	—			918			—			3,396
Gain on sale of Hospital Products	—			(45,760		)	—			(45,760		)
Restructuring costs (income)	—			24			(53		)	183
Total operating expense (income)	21,936			(30,178		)	36,747			(11,438		)
Operating (loss) income	(21,936		)	40,269			(36,747		)	33,772
Investment and other income (expense), net	432			(741		)	1,042			(1,119		)
Interest expense	(1,930		)	(3,237		)	(3,859		)	(6,427		)
Gain from release of certain liabilities	88			—			166			—
Other expense – changes in fair value of contingent consideration payable	—			(125		)	—			(435		)
(Loss) income before income taxes	(23,346		)	36,166			(39,398		)	25,791
Income tax (benefit) expense	(3,765		)	5,292			(6,372		)	(4,218		)
Net (loss) income	$	(19,581	)	$	30,874		$	(33,026	)	$	30,009

Net (loss) income per share – basic	$	(0.33	)	$	0.57		$	(0.56	)	$	0.63
Net (loss) income per share – diluted	(0.33		)	0.49			(0.56		)	0.58

Weighted average number of shares outstanding – basic	58,488			54,272			58,465			47,665
Weighted average number of shares outstanding – diluted	58,488			69,942			58,465			63,083

AVADEL PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

	June 30, 2021			December 31, 2020
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	67,142		$	71,722
Marketable securities	135,701			149,680
Research and development tax credit receivable	2,551			3,326
Prepaid expenses and other current assets	25,308			38,726
Total current assets	230,702			263,454
Property and equipment, net	321			359
Operating lease right-of-use assets	2,249			2,604
Goodwill	16,836			16,836
Research and development tax credit receivable	983			3,445
Other non-current assets	31,500			24,939
Total assets	$	282,591		$	311,637

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of operating lease liability	494			474
Accounts payable	5,116			2,934
Accrued expenses	7,524			6,501
Other current liabilities	3,146			5,200
Total current liabilities	16,280			15,109
Long-term debt	141,774			128,210
Long-term operating lease liability	1,589			1,840
Other non-current liabilities	4,068			4,212
Total liabilities	163,711			149,371

Shareholders’ equity:
Preferred shares, nominal value of $0.01 per share; 50,000 shares authorized; 488 issued and outstanding at June 30, 2021 and 488 issued and outstanding at December 31, 2020, respectively	5			5
Ordinary shares, nominal value of $0.01 per share; 500,000 shares authorized; 58,488 issued and outstanding at June 30, 2021 and 58,396 issued and outstanding at December 31, 2020	584			583
Additional paid-in capital	544,094			566,916
Accumulated deficit	(403,453		)	(384,187		)
Accumulated other comprehensive loss	(22,350		)	(21,051		)
Total shareholders’ equity	118,880			162,266
Total liabilities and shareholders’ equity	$	282,591		$	311,637

AVADEL PHARMACEUTICALS PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Six Months Ended June 30,
	2021			2020

Cash flows from operating activities:
Net (loss) income	$	(33,026	)	$	30,009
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	417			975
Remeasurement of acquisition-related contingent consideration	—			3,396
Remeasurement of financing-related contingent consideration	—			435
Amortization of debt discount and debt issuance costs	625			3,193
Change in deferred tax and income tax deferred charge	(6,228		)	161
Stock-based compensation expense	3,729			1,511
Gain on the disposition of the hospital products	—			(45,760		)
Gain from the release of certain liabilities	(166		)	—
Other adjustments	757			477
Net changes in assets and liabilities
Accounts receivable	—			2,589
Inventories	—			(1,353		)
Prepaid expenses and other current assets	(3,106		)	(1,149		)
Research and development tax credit receivable	3,078			2,036
Accounts payable & other current liabilities	176			(1,550		)
Accrued expenses	1,199			(6,906		)
Accrued income taxes	—			321
Earn-out payments for contingent consideration in excess of acquisition-date fair value	—			(3,736		)
Royalty payments for contingent consideration payable in excess of original fair value	—			(608		)
Other assets and liabilities	(1,021		)	(3,458		)
Net cash used in operating activities	(33,566		)	(19,417		)

Cash flows from investing activities:
Purchases of property and equipment	(26		)	—
Proceeds from the disposition of the hospital products	16,500			14,500
Proceeds from sales of marketable securities	66,213			15,716
Purchases of marketable securities	(53,372		)	(97,878		)
Net cash provided by (used in) investing activities	29,315			(67,662		)

Cash flows from financing activities:
Proceeds from the February 2020 private placement	—			60,639
Proceeds from the May 2020 public offering	—			116,974
Proceeds from stock option exercises and employee stock purchase plan	149			1,903
Net cash provided by financing activities	149			179,516

Effect of foreign currency exchange rate changes on cash and cash equivalents	(478		)	(37		)

Net change in cash and cash equivalents	(4,580		)	92,400
Cash and cash equivalents at January 1,	71,722			9,774
Cash and cash equivalents at June 30,	$	67,142		$	102,174

August 9, 2021 8:03 am

Zuora Announces Date for Its Second Quarter Fiscal 2022 Earnings Conference Call

Zuora Announces Date for Its Second Quarter Fiscal 2022 Earnings Conference Call

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
Zuora (NYSE: ZUO), the leading cloud-based subscription management platform provider, today announced that it will report financial results for its second quarter of fiscal 2022 ended on July 31, 2021 following the close of market on Wednesday, August 25, 2021. On that day, Zuora’s management team will hold a conference call and webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss Zuora’s financial results and business highlights.

Event: Zuora Second Quarter Fiscal 2022 Earnings Conference Call

When: Wednesday, August 25, 2021

Time: 2:00 p.m. PT / 5:00 p.m. ET

Live Call: (844) 484-8185 Domestic, (647) 689-5143 International with conference ID 8086231

Replay: (800) 585-8367 or (416) 621-4642 with passcode 8086231 available from August 25, 2021 4:00 p.m. PT to September 1, 2021 8:59 p.m. PT

Live Webcast: https://investor.zuora.com, with replay available until August 24, 2022

About Zuora, Inc.

Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-revenue process across billing, collections and revenue recognition. Zuora serves more than 1,000 companies around the world, including Box, Ford, Penske Media Corporation, Schneider Electric, Siemens, Xplornet and Zoom. Headquartered in Silicon Valley, Zuora also operates offices around the world in the U.S., EMEA and APAC. To learn more about the Zuora platform, please visit www.zuora.com.

© 2021 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, and Subscription Economy Index are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005022/en/

Investor Relations Contact:

Luana Wolk

[email protected]

650-419-1377

Media Contact:

Margaret Pack

[email protected]

619-609-3919

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Software Technology Internet Data Management

MEDIA:

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August 9, 2021 8:03 am

Biocept to Report Second Quarter 2021 Financial Results and Host Investor Conference Call on August 16, 2021

Biocept to Report Second Quarter 2021 Financial Results and Host Investor Conference Call on August 16, 2021

SAN DIEGO–(BUSINESS WIRE)–Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, announces that it will release financial results for the three and six months ended June 30, 2021 after the market closes on Monday, August 16, 2021. The Company will host a conference call for the investment community to discuss the results and answer questions at 4:30 p.m. Eastern time (1:30 p.m. Pacific time).

Date/Time:	Monday, August 16, 4:30 p.m. ET / 1:30 p.m. PT

Pre-Registration:	Participants can pre-register for the conference call here.
	Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Dial In:	Those who choose not to pre-register can access the live conference call by dialing the following and requesting the Biocept call:
	U.S. Callers	855-656-0927
	Canadian Callers:	855-669-9657
	Other International Callers:	412-902-4109

A live webcast of the call will be available at https://ir.biocept.com/. The webcast will be archived for 90 days.

A replay of the conference call will be available for 48 hours following the conclusion of the call by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers, or (412) 317-0088 for other international callers, and entering the replay access code10157985.

About Biocept

Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers. In addition to its broad portfolio of blood-based liquid biopsy assays, Biocept has developed the CNSide™ cerebrospinal fluid assay that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes CSF tumor cells for tumor-associated molecular markers, using technology first developed for use in blood. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005039/en/

LHA Investor Relations

Jody Cain

[email protected]

310-691-7100

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Biotechnology General Health Medical Devices Health Oncology

MEDIA:

August 9, 2021 8:03 am

FuelCell Energy Closes Tax Equity Financing with East West Bank for the 7.4 MW U.S. Navy Submarine Base Fuel Cell Project

DANBURY, Conn., Aug. 09, 2021 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—announced today that the Company closed on a tax equity financing transaction with East West Bank for the 7.4 megawatts (“MW”) fuel cell project located on the U.S. Navy Submarine Base in Groton, CT, also known as the Submarine Force. East West Bank’s tax equity commitment totals $15 million. We believe that this commitment further demonstrates the market’s interest in financing FuelCell Energy’s distributed sustainable energy platforms as the Company works with customers to achieve their decarbonization and enhanced grid resiliency goals.

“We are thrilled to team up with East West Bank, partnering on this important financing solution and supporting our commercial platform deployment,” said Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy. “This efficient financing enables FuelCell Energy to retain most of this project’s long-term, recurring cash flow, and creates a structure that will facilitate additional capital opportunities that are expected to further return cash to the Company and enhance overall return on equity for this project.”

The Company continues to advance the project through mechanical completion and expects commercial operation to commence prior to the end of September 2021. Following commercial operation, the Company expects to add back-leverage debt financing to complete the project’s capital structure.

“East West Bank is delighted to partner with FuelCell Energy on the fuel cell project located on the U.S. Navy Submarine Base in Connecticut,” said Christopher Simeone, Senior Vice President with East West Bank. “As a leader in financing clean and alternative energies, we look forward to seeing the U.S. Navy and the Groton community benefit from this important project.”

“The U.S. Navy Submarine Base project is a milestone project for FuelCell Energy, demonstrating our high quality and reliable clean energy solution that enables electrical resiliency with the country’s most critical infrastructure, while supporting the Navy’s decarbonization goals” said Jason Few, President and Chief Executive Officer, FuelCell Energy. “The United States Defense Critical Electrical Infrastructure initiative is important to national security, and we are honored to have an opportunity to deploy our platform in a microgrid configuration towards this mission,” Few added. “We are optimistic that the current policy focus on infrastructure should present additional opportunities to deploy our SureSource™ platform in support of the Defense Critical Electrical Infrastructure initiative.”

FuelCell Energy installed 7.4 MW of SureSource™ power platforms at the U.S. Navy Submarine Base in Groton, CT to provide a long-term supply of power to an existing electrical substation. The fuel cell plant is part of a multifaceted plan by the Connecticut Municipal Electric Energy Cooperative (“CMEEC”) to provide new power resources and support the desire of the Department of Defense to add resiliency and grid independence to key military installations. The highly efficient fuel cell power generation project minimizes carbon output while providing continuous power to the strategic military base. The U.S. Navy continues to purchase power from CMEEC and Groton Utilities, who in turn purchase the power from FuelCell Energy under a 20-year power purchase agreement. This pay-as-you-go structure enables CMEEC and the Navy to avoid a direct investment in owning the power plant which will be operated and maintained by the Company.

About East West Bank

East West Bank provides financial services that help clients reach further and connect to new opportunities. The bank is wholly-owned by East West Bancorp, Inc., which has total assets of $59.9 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC.” East West Bank operates over 120 locations in the United States and China. In the United States, East West Bank has branches in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. For more information on East West, visit www.eastwestbank.com.

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.

SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Treatment, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Cautionary Language

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. Forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and its business plans and strategies. These statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power platforms configured for carbon capture or carbon sequestration; potential volatility of energy prices; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations and the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; the arbitration and other legal proceedings with POSCO Energy Co., Ltd.; our ability to implement our strategy; our ability to reduce our levelized cost of energy and our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our products will not occur when anticipated; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our power plants and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; changes by the U.S. Small Business Administration or other governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program or related administrative matters; and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to our customers’ capital budgets and investment plans, impacts to our project schedules, impacts to our ability to service existing projects, and impacts on the demand for our products, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained or incorporated by reference herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Contact

:

FuelCell Energy, Inc.

[email protected]
203.205.2491
Source: FuelCell Energy

August 9, 2021 8:03 am

Cabot Corporation Enters into $1B Sustainability-linked Revolving Credit Facility

Cabot Corporation Enters into $1B Sustainability-linked Revolving Credit Facility

Innovative facility includes favorable credit terms linked to sustainability performance and credit rating

BOSTON–(BUSINESS WIRE)–Cabot Corporation (NYSE: CBT), has announced execution of its new $1 billion unsecured revolving credit facility (the “Credit Agreement”). With this transaction, Cabot has replaced its existing $1 billion unsecured revolving credit agreement that was scheduled to mature in October of 2022, while adding a sustainability-linked pricing mechanism to the new agreement.

The Credit Agreement matures on August 6, 2026, subject to two options to extend the maturity by one year, exercisable prior to the first and second anniversaries of the effective date of the Credit Agreement. Pricing for the facility is based upon the company’s credit ratings as well as its performance against annual intensity reduction targets for its sulfur dioxide (SO₂) and nitrogen oxide (NO_X) emissions. The deal is among the first sustainability-linked revolving credit agreements in the U.S. chemical industry.

“Cabot has a long history of leadership and innovation in the chemical industry. Consistent with this leadership is our commitment to sustainability, acting responsibly for the planet and being a good corporate citizen,” said Sean D. Keohane, President and CEO. “We are excited to deepen this commitment by being among the first major chemical companies in the U.S. to secure a sustainability-linked facility that rewards our continued efforts in reducing our SO₂ and NO_X emissions.”

“Incorporating this important sustainability goal into our Credit Agreement directly aligns with the commitments we have made to our stakeholders under our ambitious 2025 sustainability goals,” said Martin O’Neil, Senior Vice President, Safety, Health and Environment (SH&E). “Transparency remains a cornerstone of our sustainability agenda, and we continue to extend that commitment by enhancing our sustainability reporting and disclosures. We are proud of the progress we are making in our sustainability initiatives, and we look forward to working with our various stakeholders to achieve our goals.”

More details on Cabot’s sustainability commitments and progress can be found in its 2020 Sustainability Report.

The Credit Agreement was entered into with a syndicate of lenders arranged by, JPMorgan Chase Bank, N.A. as Lead Left Bookrunner, Administrative Agent and Joint Lead Arranger, Citibank, N.A., as Joint Bookrunner, Joint Lead Arranger, and Syndication Agent, Mizuho Bank, LTD., TD Securities (USA) LLC., Bank of America, N.A., U.S. Bank, National Association as Joint Lead Arrangers and Co-Documentation Agents and Wells Fargo Bank, National Association as Co-Documentation Agent. J.P. Morgan Securities LLC and Mizuho Bank, LTD. also served as Co-Sustainability Agents.

ABOUT CABOT CORPORATION

Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of carbon black, specialty carbons, activated carbon, elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed silica and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in the press release regarding Cabot’s business that are not historical facts are forward looking statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005028/en/

Steve Delahunt

Investor Relations

(617) 342-6255

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Manufacturing Environment Other Technology Technology Chemicals/Plastics

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